Loan Payments enables digital banking users to request their payments be applied to a loan or credit card from a checking or savings account. The Loan Payments form provides digital banking the needed Financial Institution (FI) information to process payments.
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Loan Payments is a Q2 Core Extension Product. Core Extension Products like Loan Payments can vary depending on what your core provider supports.
To ensure a successful launch of Loan Payments, we encourage you to:
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Schedule a joint kickoff call between the FI, Q2, and your core provider to ensure all parties are aware of and committed to your success.
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Identify named technical contacts with the core vendors that can be shared across teams.
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Identify a primary subject matter expert and driver at the FI.
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Ensure each party can assist in facilitating connectivity to the core processor.
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Prepare business and user information, as needed.
This section describes the Loan Payments features that can be added to your digital banking portfolio and describes the product capability, functionality, and configurable options within the scope of Loan Payments.
Once enabled for your FI, your users will be able to select their funding, target accounts, and available payment type. Users can select single or recurring payment types, which can be populated with account details of your choosing. Once their payment is scheduled, your users will receive confirmation with their payment details that they can revisit in your online banking activity center.
Loan Payments supports a number of different payment types, depending on your core provider:
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Regular Payment—supports normal payments on credit cards, loans, and mortgages.
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Interest Payment—supports payment towards the interest amount for loans and mortgages.
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Principal Payment—supports payment towards the principal amount for loans and mortgages.
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Paydown Payment—supports payment to paydown a balance to zero on credit cards, loans, and mortgages.
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Payoff Payment—supports paying off and closing of loans and mortgages.
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Payoff Payments availability depends on your core provider.
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Escrow Payment—supports payment of escrow amount of mortgages.
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Escrow Payments availability depends on your core provider.
Q2 has developed a number of options and features that Loan Payments provides:
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One-time payments—provides your customers or members the ability to make a single payment.
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Recurring payments—provides your customers or members the ability to set up automatic, recurring payments for a set amount.
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FIs can configure the frequency options and block select payment types for recurring payments.
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Future-dated payments—provides your customers or members the ability to set a payment for a later date.
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User authorization—provides additional two-factor authentication using a secure access code.
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User authorization availability depends on your core provider.
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External accounts—allows your customers or members the ability to pay a loan using an external account.
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Account details—allows you the ability to provide your customers or members information, such as previous payment amount or next payment due dates.
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Pre-polulate amounts—allows for fields to use client or member information to pre-populate fields based on payment type.
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Amount value editing—allows you to toggle whether your customers or members can edit amount values.
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Restrict payment—controls if Q2 restricts any payment option from being available for a payment type when a predefined condition has not yet been made by your client or member.
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Limit source accounts—limits the source accounts for a client or member to specific product types.
Loan Payments does not currently include certain functions, especially if functionality is out of our scope. Out of scope functions include:
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Providing recurring payments using variable amounts.
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This function is currently in development.
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Supplying external account balance checks.
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Value calculations, like per diem, payoff, or 10-day payoff amounts.
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Ability to report on information provided on the Loan Payments page.
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Modifications to the Standard Funds Transfer page, unless removing provided loan product types from To Account.
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Third-party integration other than to the client's core provider, including services like external statements, alerts, or credit cards.
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Any additional functionality not already built in as a configurable option.
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Any modifications to core Q2 products.
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Other Q2 products may cover some of these areas of concern. Contact your release or implementations manager for more information.